According to TASS, Ulyanovsk Automobile Plant (UAZ), a manufacturer of four-wheel drive cars and utility vehicles, has reached an agreement with Venezuelan President Hugo Chavez Frias to open an assembly plant in Venezuela.
The report says that by the end of the year, UAZ plans to produce 500 cars at the factory, which will be located in the city of Barquisimeto.
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UAZ will conduct the project jointly with Venezuela’s Agamar Group.
Andrei Syhanova, the director of marketing and sales at UAZ, told TASS that this venture would allow UAZ to enter the South American market.
The TASS report adds that UAZ exports were running 80% ahead of year-ago levels in the first five months of the year.
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